Ecuador: Foreign Residents and Companies Obligated to report Monetary Assets Abroad

New obligation to report monetary assets abroad

derechoen140caracteres.com/ registroficial.gob.ec
November 20, 2017 by Gustavo Amadoren Tributario (machine translated)

The Internal Revenue Service, through Resolution NAC-DGERCGC17-00000566 has established the obligation of natural persons and national or foreign companies resident in Ecuador, to report the monetary assets they maintain in foreign financial institutions, in the following cases:

1. That the monetary assets record, in the fiscal year to which the information corresponds, individual or accumulated transactions equal to or greater than USD $ 100,000.00 or its equivalent in foreign currency;

2. That at any time during the fiscal year to which the information corresponds, an average monthly balance of USD $ 100,000.00 or its equivalent in foreign currency has been recorded;

3. That the balance of the monetary assets be, at the end of the month, equal to or greater than USD $ 100,000.00 or its equivalent in foreign currency;

4. That at December 31 of the fiscal year in which the information is presented, the balance of the monetary assets is equal to or greater than USD $ 100,000.00 or its equivalent in a foreign country.

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It is important to note that this obligation is established, including for the information regarding the years 2014 (which must be reported until December 29, 2017), 2015 and 2016 (which must be reported until January 31, 2018).

In the later part, the information will be presented in the month of February of the following year, in accordance with the ninth digit of the RUC. Read Article, Read Article from Ecuador Government